AIB "I just got a letter from AIB offering me €1,615 and a tracker at 3.32%. What should I do?"

David_Dublin

Frequent Poster
Messages
463
I would use plain English, just outline the facts and how it affected you financially etc. This all happened at a time when people were hit by the recession and WOULD have taken up the tracker option as it was much lower than the variable at the time. Its just not right that a certain group of mortgage holders were penalised in order for the financial institutions to gain from it.
Isn't their defence in a lot of scenarios that there was no tracker available and that if there was the rate would have been much higher than the prevailing standard variable rate. Or maybe I am focussing on my own scenario, whereby my 3 year fixed term expired and defaulted onto standard variable and I was not offered a tracker.
 

justsaying

Registered User
Messages
9
But the point is as we were all existing customers not new customers, we should have been offered the most recent prevailing tracker rate around that time which Brendan thinks was between 1.25 - 1.5%
 

Carsie

New Member
Messages
2
Hi all,
I appreciate everyone’s input here. We received this letter last March and I just sat on it until now. To be honest I’m finding it so confusing & I don’t know what the right or even first step should be. I contacted Padraic Kissane but his office isn’t taking on any new cases.

I’m presuming now my first step is to ask for the appeals back, yeah?

(And by the sound of things, I’m not looking forward to attempting to fill it in)

Does anyone else think I should do something else?

Many thanks
Caroline
 

Pennyo

New Member
Messages
4
Hi I am new to this forum and am also attempting to fill in the appeals form to AIB. I am not sure how to approach the financial side of it other than saying that we could have afforded the payments if we were on the tracker but now we are in serious arrears with AIB. My husband became very ill and was hospitalised twice in the last three years for two and three months each time. The stress has taken its toll on our family his business has closed as he could not stay open when he was sick. He is now unemployed and we are scraping by. I will of course try to explain all of this to AIB in the other section but the financial side and the rates between then and now are confusing, Any ideas would be helpful please.
 

kopkidda

Frequent Poster
Messages
134
Pennyo, my understanding is that you aren't expected to know the rates etc.. and sure how would you when the banks themselves have said on record that there was no such tracker rate available during them times, yet in March they make one up , laughable, good luck with appeal, i will be facing into mine this month as well!
 

Pennyo

New Member
Messages
4
Thanks for the reply KopKidda it is great to talk to like minded people this forum is a great support I could really do with some good news at this stage.
 

David_Dublin

Frequent Poster
Messages
463
I submitted an appeal today. It's very light on hard facts. Basically I made the point that their assertion that the rate would have been 7.9% was very hard to stand up when the previous rate was 1.5%. Not at all hopeful. Has anyone had a response to their appeal? Wondering what peoples' experience of the process has been?
 

Shano1975

New Member
Messages
4
1.5 was the last offer on the table before they pulled the rate. The tracker rate in July 2015 was ECB + 1.5%. Everyone should have been offered this rate as it was the last prevailing rate. The contract does not say if we dont have a prevailing rate then tough shite.
I started my appeal 12 months ago going back and forward with BDO . Each letter takes 3 months for an answer. They look for proof of various questions. The bank conveniently lost all my email correspondance and proof of requests that i requested this rate. It's like every answer is a copied and pasted template answer. After i produced my emails they sudenly found the emails. All phone calls and meetings also disapeared from their records. I am suspecting a decision soon. AIB have told lie after lie in their submissions. So I'm not hopeful of the outcome. IN 2009 they refused me an extension of my interest only agreement when we were very close to handing back the keys. How do they expect you to put a figure on this stress and worry. Plenty families have split up and plenty people took their own lives due to the behaviour of this bank and many others. I hope they get whats coming to them.
 

Neverever

Frequent Poster
Messages
72
It generally takes about a month to get reply - and the reply AIB will send will be designed to muddle and confuse the issue with irrelevant info.


For both initial appeal and any subsequent replies I feel best for us to avoid getting embrawled in arguments that take away from the central and real point in play - that’s why Brendan’s step by step guide is so brilliant.


The old saying comes to mind


“If I had more time, I would have written a shorter letter.”


Brendan has given us the time
 

Member

New Member
Messages
2
Hi all,
I have just send back my appeal regarding the redress offered by AIB. But I have not signed the letter regarding the tracker rate of 3.32% offered.
Should I sign the letter anyway while awaiting the appeal decision?
If I do not sign it now am I closing off any future offer of a better tracker rate which may be offered. My current rate is 3.15% and the rate offered is 3.32%.

CG.
 

verywhys

Frequent Poster
Messages
108
Hi all,
I have just send back my appeal regarding the redress offered by AIB. But I have not signed the letter regarding the tracker rate of 3.32% offered.
Should I sign the letter anyway while awaiting the appeal decision?
If I do not sign it now am I closing off any future offer of a better tracker rate which may be offered. My current rate is 3.15% and the rate offered is 3.32%.

CG.
I would be thinking that 3.32% is a rubbish offer for a tracker.
They are essentially offering a tracker with a margin of 3.32% as the ECB rate is currently at 0%.
I guess the question is, will the variable rate ever go higher than 3.32% above the ECB rate......has it in the past?
I don't see how NOT accepting this tracker rate can close off any future offer of a better tracker......actually I wonder if accepting this tracker rate of 3.32% could close off a better tracker offer in the future?...is there something in mortgage contract?
 

kopkidda

Frequent Poster
Messages
134
If it was me I would sign nothing, just send the appeals pack back on its own, with no letter!!!!!
 

Member

New Member
Messages
2
In section 3.2 it states
At the end of any fixed interest rate period the customer may choose between
A a further fixed interest rate period or
B conversion to a variable interest mortgage loan or
C conversion to a tracker interest rate mortgage loan
At the banks then prevailing rates appropriate to the mortgage loan.

I came off the fixed rate in Oct 2011 and was never offered the tracker rate at any time.

CG
 
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